Fixed Deposit as well as known to FD has been a traditional investment option in India. Due to almost zero risk, people’s trust in FD is quite good. This is the reason why even today a large number of people make FDs. If you are also thinking of making an FD, then first know about the rates offered by various banks on FDs. Small finance banks offer higher interest rates on FDs as compared to big banks. Usually, banks offer higher interest on longer-term FDs. Whereas relatively lower interest rates are offered on short-term FDs. Here’s a look at the interest rates offered by different banks on 3-year FDs.
HDFC Bank
HDFC Bank is offering a 7% interest rate to general citizens and a 7.5% interest rate to senior citizens on a 3-year FD.
ICICI Bank
ICICI Bank is offering a 7% interest rate to general citizens and a 7.5% interest rate to senior citizens on a 3-year FD.
Kotak Mahindra Bank
Kotak Mahindra Bank is offering a 7% interest rate to general citizens and a 7.6% interest rate to senior citizens on a 3-year FD.
Federal Bank
Federal Bank is offering a 7% interest rate to general citizens and a 7.5% interest rate to senior citizens on a 3-year FD.
Union Bank of India
Union Bank of India is offering a 6.7% interest rate to general citizens and a 7.2% interest rate to senior citizens on a 3-year FD.
State Bank of India
State Bank of India is offering a 6.75% interest rate to general citizens and a 7.25% interest rate to senior citizens on a 3-year FD.
Bank of Baroda
Bank of Baroda is offering a 6.8% interest rate to general citizens and a 7.4% interest rate to senior citizens on a 3-year FD.
The interest rates may vary depending on the bank, and senior citizens usually get higher rates. For investors looking for secure returns, FDs remain an attractive option, especially with higher returns offered by small finance banks compared to traditional large banks.
Disclaimer: For any financial investment anywhere on your responsibility, Times Bull will not be responsible for it.